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Regulatory

Big 4, AMP fork out massive compensation bill

KARREN VERGARA  |  MONDAY, 18 DEC 2017
AMP and the big four banks refunded customers $215.9 million for charging ongoing advice fees that failed to provide actual general or personal advice.

CBA hit with fresh AML breaches by AUSTRAC

EMMA RAPAPORT  |  FRIDAY, 15 DEC 2017
The hits keep coming for CBA with fresh allegations of money laundering and counter-terrorism financing levelled by the regulator.

Government expert panel hands down proposed education standards for existing advisers

JAMIE WILLIAMSON  |  THURSDAY, 14 DEC 2017
Under the proposed standards released today by the Financial Adviser Standards and Ethics Authority, all existing advisers will be required to make a choice between several different education pathways -and some of their current qualifications may fail ...

CBA admits to anti-money laundering breaches, AUSTRAC flags new allegations

KARREN VERGARA  |  THURSDAY, 14 DEC 2017
CBA admitted systems glitches have led to it breaching anti-money laundering and counter-terrorism laws on more than 53,000 occasions, and flagged it is bracing itself for new allegations to be handed down by AUSTRAC.

APRA unveils proposed RSE reform package

KARREN VERGARA  |  WEDNESDAY, 13 DEC 2017
APRA has announced a raft of proposed changes that will ensure registrable superannuation entities are ultimately delivering the best outcomes for members.

AAT upholds ruling against ex-Macquarie and ex-Credit Suisse advisers

EMMA RAPAPORT  |  TUESDAY, 12 DEC 2017
The AAT has affirmed ASIC's decision to ban a former Macquarie equities financial adviser and former Credit Suisse employee from providing financial services for three years.

Super and insurance inquiry necessary: Poll

KARREN VERGARA  |  MONDAY, 11 DEC 2017
The Federal Government expanding the remit of the banking Royal Commission to include the insurance and superannuation sectors is strongly supported by the majority of readers polled in Financial Standard's weekly survey.

ASIC widens conflicted adviser remuneration rules

ALEX BURKE  |  THURSDAY, 7 DEC 2017
ASIC has added additional conditions to its definitions of conflicted remuneration in financial advice both in light of recent reforms and to address specific concerns.

AFCA, key housing bills passed

EMMA RAPAPORT  |  THURSDAY, 7 DEC 2017
A number of new measures that will dramatically impact the way consumers interact with the financial services industry have cleared both houses of parliament.

MyPlanner enters ASIC radar

JAMIE WILLIAMSON  |  WEDNESDAY, 6 DEC 2017
Privately-owned dealer group MyPlanner has negotiated additional conditions on its AFSL after it was found to be providing poor financial advice and failing to adequately supervise its representatives.